Understanding REIT's-SEBI permits REIT

A Real Estate Investment Trust or REIT (pronounced /ˈriːt/) is a tax designation for a corporation investing in real estate that reduces or eliminates corporate income taxes. In return, REITs are required to distribute 90% of their income, which may be taxable in the hands of the investors. The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks.
Like other corporations, REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges like shares of common stock in other firms.
REITs can be classified as equity, mortgage or hybrid.
The key statistics to look at in REIT are its NAV (Net Asset Value), AFFO (Adjusted Funds From Operations) and CAD (Cash Available for Distribution).

REITs - What are they?
REITs are companies that buy, sell, manage and develop real estate assets. Much like mutual funds do, REITs put together the investments of many individuals and institutions; and then deploy this money in real estate. So if you want a piece of the action in the real estate market, all you have to do is buy shares of a REIT. This entitles you to a share of the income generated by the REIT from its property investments.
So, how does a REIT make its money? In several ways —
Buying and selling property, thus pocketing gains from any appreciation in value
Developing commercial space
Renting and leasing commercial space, and
Financing mortgages and loans on property
In developed countries, there are REITs that specialise in one or more of these activities. Equity REITs, for instance, make their money from buying, developing or owning property. They make much of their money from the rents and lease charges that they get from their tenants; a part of their income may also come from gains made on the appreciation in property values.
Mortgage REITs are engaged exclusively in financing property deals. They derive their income from the interest earned on loans to real estate owners. Hybrid REITs, as their names suggest, may combine the two activities to generate income.